18422 Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Proposed Rules 

3/1/08 

principal 

4/1/08 

repayment 

9/1/08 

advance 

12/31/08 

principal 

Indebtedness treated as if evidenced by written instrument ........................................... $12,000 $3,000 .................... $9,000 

Open account debt .......................................................................................................... .................... .................... $2,000 2,000 

Par. 3. Section 1.1367–3 is amended 

as follows: 

1. The section heading is revised. 

2. The first sentence of the paragraph 

is revised. 

3. A new second and last sentence are 

added. 

The revisions and additions read as 

follows: 

§ 1.1367–3 Effective dates and transitional 

rules. 

Section 1.1367–2(a), (c)(2), (d)(2), and 

(e) Example 6 and Example 7 apply to 

any shareholder advances to the S 

corporation made on or after the date 

these regulations are published as final 

regulations in the Federal Register and 

repayments on those advances by the S 

corporation. 

Kevin M. Brown, 

Deputy Commissioner for Services and 

Enforcement. 

[FR Doc. E7–6764 Filed 4–11–07; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[CGD05–07–031] 

RIN 1625–AA08 

Special Local Regulations for Marine 

Events; York River, Yorktown, VA 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: The Coast Guard proposes to 

establish special local regulations 

during the ‘‘Watermen’s Heritage 

Festival Workboat Races,’’ a marine 

event to be held July 15, 2007 on the 

waters of the York River, Yorktown, 

Virginia. These special local regulations 

are necessary to provide for the safety of 

life on navigable waters during the 

event. This action is intended to 

temporarily restrict vessel traffic in a 

portion of the York River during the 

event. 

DATES: Comments and related material 

must reach the Coast Guard on or before 

May 14, 2007. 

ADDRESSES: You may mail comments 

and related material to Commander 

(dpi), Fifth Coast Guard District, 431 

Crawford Street, Portsmouth, Virginia 

23704–5004, hand-deliver them to 

Room 415 at the same address between 

9 a.m. and 2 p.m., Monday through 

Friday, except Federal holidays, or fax 

them to (757) 398–6203. The 

Inspections and Investigations Branch, 

Fifth Coast Guard District, maintains the 

public docket for this rulemaking. 

Comments and material received from 

the public, as well as documents 

indicated in this preamble as being 

available in the docket, will become part 

of this docket and will be available for 

inspection or copying at the above 

address between 9 a.m. and 2 p.m., 

Monday through Friday, except Federal 

holidays. 

FOR FURTHER INFORMATION CONTACT: 

Dennis Sens, Project Manager, Fifth 

Coast Guard District, Inspections and 

Investigations Branch, at (757) 398–

6204. 

SUPPLEMENTARY INFORMATION: 

Request for Comments 

We encourage you to participate in 

this rulemaking by submitting 

comments and related material. If you 

do so, please include your name and 

address, identify the docket number for 

this rulemaking (CGD05–07–031), 

indicate the specific section of this 

document to which each comment 

applies, and give the reason for each 

comment. Please submit all comments 

and related material in an unbound 

format, no larger than 81⁄2 by 11 inches, 

suitable for copying. If you would like 

to know they reached us, please enclose 

a stamped, self-addressed postcard or 

envelope. We will consider all 

comments and material received during 

the comment period. We may change 

this proposed rule in view of them. 

Public Meeting 

We do not now plan to hold a public 

meeting. But you may submit a request 

for a meeting by writing to the address 

listed under ADDRESSES explaining why 

one would be beneficial. If we 

determine that one would aid this 

rulemaking, we will hold one at a time 

and place announced by a later notice 

in the Federal Register. 

Background and Purpose 

On July 15, 2007, the Watermen’s 

Museum of Yorktown, VA will sponsor 

‘‘Watermen’s Heritage Festival 

Workboat Races’’ on the York River, 

immediately adjacent and north of the 

shoreline at Yorktown River Cliffs. The 

event will consist of approximately 40 

traditional Chesapeake Bay deadrise 

workboats racing along a marked 

straight line race course in heats of 2 to 

4 boats for a distance of approximately 

1000 yards. Due to the need for vessel 

control during the event, the Coast 

Guard will temporarily restrict vessel 

traffic in the event area to provide for 

the safety of participants, spectators and 

other transiting vessels. 

Discussion of Proposed Rule 

The Coast Guard proposes to establish 

temporary special local regulations on 

specified waters of the York River, 

Yorktown, Virginia. The regulations will 

be in effect from 9 a.m. to 5:30 p.m. on 

July 15, 2007. The effect will be to 

restrict general navigation in the 

regulated area during the event. Except 

for persons or vessels authorized by the 

Coast Guard Patrol Commander, no 

person or vessel may enter or remain in 

the regulated area. Vessel traffic will be 

allowed to transit the regulated area at 

slow speed between heats, when the 

Coast Guard Patrol Commander 

determines it is safe to do so. These 

regulations are needed to control vessel 

traffic during the event to enhance the 

safety of participants, spectators and 

transiting vessels. 

Regulatory Evaluation 

This proposed rule is not a 

‘‘significant regulatory action’’ under 

section 3(f) of Executive Order 12866, 

Regulatory Planning and Review, and 

does not require an assessment of 

potential costs and benefits under 

section 6(a)(3) of that Order. The Office 

of Management and Budget has not 

reviewed it under that Order. It is not 

‘‘significant’’ under the regulatory 

policies and procedures of the 

Department of Homeland Security 

(DHS). 

We expect the economic impact of 

this proposed rule to be so minimal that 

a full Regulatory Evaluation is 

unnecessary. Although this regulation 

will prevent traffic from transiting a 

portion of the York River during the 

event, the effect of this regulation will 

not be significant due to the limited 

duration that the regulated area will be 

in effect and the extensive advance 


rmajette on PROD1PC67 with PROPOSALS
Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Proposed Rules 18423 

notifications that will be made to the 

maritime community via the Local 

Notice to Mariners, marine information 

broadcasts, area newspapers and local 

radio stations, so mariners can adjust 

their plans accordingly. Additionally, 

the regulated area has been narrowly 

tailored to impose the least impact on 

general navigation yet provide the level 

of safety deemed necessary. Vessel 

traffic will be able to transit the 

regulated area at slow speed between 

heats, when the Coast Guard Patrol 

Commander deems it is safe to do so. In 

many cases vessel traffic will be able to 

transit around the regulated using the 

marked navigation channel along the 

York River. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we have considered 

whether this proposed rule would have 

a significant economic impact on a 

substantial number of small entities. 

The term ‘‘small entities’’ comprises 

small businesses, not-for-profit 

organizations that are independently 

owned and operated and are not 

dominant in their fields, and 

governmental jurisdictions with 

populations of less than 50,000. 

The Coast Guard certifies under 5 

U.S.C. 605(b) that this proposed rule 

would not have a significant economic 

impact on a substantial number of small 

entities. This proposed rule would affect 

the following entities, some of which 

might be small entities: the owners or 

operators of vessels intending to transit 

or anchor in the effected portions of the 

York River during the event. 

Although this regulation prevents 

traffic from transiting a portion of the 

York River during the event, this 

proposed rule would not have a 

significant economic impact on a 

substantial number of small entities for 

the following reasons. This proposed 

rule would be in effect for only a limited 

period. Vessel traffic will be able to 

transit the regulated area between heats, 

when the Coast Guard Patrol 

Commander deems it is safe to do so. 

Before the enforcement period, we will 

issue maritime advisories so mariners 

can adjust their plans accordingly. 

If you think that your business, 

organization, or governmental 

jurisdiction qualifies as a small entity 

and that this rule would have a 

significant economic impact on it, 

please submit a comment (see 

ADDRESSES) explaining why you think it 

qualifies and how and to what degree 

this rule would economically affect it. 

Assistance for Small Entities 

Under section 213(a) of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Pub. L. 104–121), 

we want to assist small entities in 

understanding this proposed rule so that 

they can better evaluate its effects on 

them and participate in the rulemaking. 

If the rule would affect your small 

business, organization, or governmental 

jurisdiction and you have questions 

concerning its provisions or options for 

compliance, please contact the address 

listed under ADDRESSES. The Coast 

Guard will not retaliate against small 

entities that question or complain about 

this rule or any policy or action of the 

Coast Guard. 

Collection of Information 

This proposed rule would call for no 

new collection of information under the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501–3520.). 

Federalism 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on State or local governments and 

would either preempt State law or 

impose a substantial direct cost of 

compliance on them. We have analyzed 

this proposed rule under that Order and 

have determined that it does not have 

implications for federalism. 

Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by a 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 or more in any one year. 

Though this proposed rule would not 

result in such an expenditure, we do 

discuss the effects of this rule elsewhere 

in this preamble. 

Taking of Private Property 

This proposed rule would not effect a 

taking of private property or otherwise 

have taking implications under 

Executive Order 12630, Governmental 

Actions and Interference with 

Constitutionally Protected Property 

Rights. 

Civil Justice Reform 

This proposed rule meets applicable 

standards in sections 3(a) and 3(b)(2) of 

Executive Order 12988, Civil Justice 

Reform, to minimize litigation, 

eliminate ambiguity, and reduce 

burden. 

Protection of Children 

We have analyzed this proposed rule 

under Executive Order 13045, 

Protection of Children from 

Environmental Health Risks and Safety 

Risks. This rule is not an economically 

significant rule and would not create an 

environmental risk to health or risk to 

safety that might disproportionately 

affect children. 

Indian Tribal Governments 

This proposed rule does not have 

tribal implications under Executive 

Order 13175, Consultation and 

Coordination with Indian Tribal 

Governments, because it would not have 

a substantial direct effect on one or 

more Indian tribes, on the relationship 

between the Federal Government and 

Indian tribes, or on the distribution of 

power and responsibilities between the 

Federal Government and Indian tribes. 

Energy Effects 

We have analyzed this proposed rule 

under Executive Order 13211, Actions 

Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use. We have 

determined that it is not a ‘‘significant 

energy action’’ under that order because 

it is not a ‘‘significant regulatory action’’

under Executive Order 12866 and is not 

likely to have a significant adverse effect 

on the supply, distribution, or use of 

energy. The Administrator of the Office 

of Information and Regulatory Affairs 

has not designated it as a significant 

energy action. Therefore, it does not 

require a Statement of Energy Effects 

under Executive Order 13211. 

Technical Standards 

The National Technology Transfer 

and Advancement Act (NTTAA) (15 

U.S.C. 272 note) directs agencies to use 

voluntary consensus standards in their 

regulatory activities unless the agency 

provides Congress, through the Office of 

Management and Budget, with an 

explanation of why using these 

standards would be inconsistent with 

applicable law or otherwise impractical. 

Voluntary consensus standards are 

technical standards (e.g., specifications 

of materials, performance, design, or 

operation; test methods; sampling 

procedures; and related management 

systems practices) that are developed or 

adopted by voluntary consensus 

standards bodies. 

This proposed rule does not use 

technical standards. Therefore, we did 

not consider the use of voluntary 

consensus standards. 


rmajette on PROD1PC67 with PROPOSALS
18424 Federal Register / Vol. 72, No. 70 / Thursday, April 12, 2007 / Proposed Rules 

Environment 

We have analyzed this proposed rule 

under Commandant Instruction 

M16475.lD and Department of 

Homeland Security Management 

Directive 5100.1, which guides the 

Coast Guard in complying with the 

National Environmental Policy Act of 

1969 (NEPA)(42 U.S.C. 4321–4370f), 

and have concluded that there are no 

factors in this case that would limit the 

use of a categorical exclusion under 

section 2.B.2 of the Instruction. 

Therefore, this rule is categorically 

excluded, under figure 2–1, paragraph 

(34)(h), of the Instruction, from further 

environmental documentation. Special 

local regulations issued in conjunction 

with a regatta or marine parade permit 

are specifically excluded from further 

analysis and documentation under that 

section. 

Under figure 2–1, paragraph (34)(h), 

of the Instruction, an ‘‘Environmental 

Analysis Check List’’ and a ‘‘Categorical 

Exclusion Determination’’ are not 

required for this rule. Comments on this 

section will be considered before we 

make the final decision on whether to 

categorically exclude this rule from 

further environmental review. 

List of Subjects in 33 CFR Part 100 

Marine safety, Navigation (water), 

Reporting and recordkeeping 

requirements, Waterways. 

For the reasons discussed in the 

preamble, the Coast Guard proposes to 

amend 33 CFR part 100 as follows: 

PART 100—REGATTAS AND MARINE 

PARADES 

1. The authority citation for part 100 

continues to read as follows: 

Authority: 33 U.S.C. 1233. 

2. Add a temporary § 100.35–T05–031 

to read as follows: 

§ 100.35–T05–031 York River, Yorktown, 

VA. 

(a) Regulated area. The regulated area 

includes the waters of the York River, 

Yorktown, Virginia, bounded on the 

west by a line drawn along longitude 

076°31′30′′ West, bounded on the east 

by a line drawn along longitude 

076°30′50′′ West, bounded on the south 

by the shoreline and bounded on the 

north by a line drawn parallel and 400 

yards north of the southern shoreline. 

All coordinates reference Datum NAD 

1983. 

(b) Definitions: The following 

definitions apply to this section: 

(1) Coast Guard Patrol Commander 

means a commissioned, warrant, or 

petty officer of the Coast Guard who has 

been designated by the Commander, 

Coast Guard Sector Hampton Roads. 

(2) Official Patrol means any vessel 

assigned or approved by Commander, 

Coast Guard Sector Hampton Roads 

with a commissioned, warrant, or petty 

officer on board and displaying a Coast 

Guard ensign. 

(3) Participant includes all vessels 

participating in the Watermen’s Heritage 

Festival Workboat races under the 

auspices of a Marine Event Permit 

issued to the event sponsor and 

approved by Commander, Coast Guard 

Sector Hampton Roads. 

(c) Special local regulations: (1) 

Except for event participants and 

persons or vessels authorized by the 

Coast Guard Patrol Commander, no 

person or vessel may enter or remain in 

the regulated area. 

(2) The operator of any vessel in the 

regulated area shall: 

(i) Stop the vessel immediately when 

directed to do so by any Official Patrol. 

(ii) Proceed as directed by any Official 

Patrol. 

(iii) When authorized to transit the 

regulated area, all vessels shall proceed 

at the minimum speed necessary to 

maintain a safe course that minimizes 

wake near the race course. 

(d) Effective period: This section will 

enforced from 9 a.m. to 5:30 p.m. on 

July 15, 2007. 

Dated: March 29, 2007. 

Larry L. Hereth, 

Rear Admiral, U.S. Coast Guard, Commander, 

Fifth Coast Guard District. 

[FR Doc. E7–6943 Filed 4–11–07; 8:45 am] 

BILLING CODE 4910–15–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 100 

[CGD05–07–027] 

RIN 1625–AA08 

Special Local Regulations for Marine 

Events; Pasquotank River, Elizabeth 

City, NC 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: The Coast Guard proposes to 

establish special local regulations for 

the ‘‘Carolina Cup Regatta’’, a power 

boat race to be held on the waters of the 

Pasquotank River, Elizabeth City, North 

Carolina. These special local regulations 

are necessary to provide for the safety of 

life on navigable waters during the 

event. This action is intended to restrict 

vessel traffic in portions on the 

Pasquotank River adjacent to Elizabeth 

City, North Carolina during the power 

boat race. 

DATES: Comments and related material 

must reach the Coast Guard on or before 

May 14, 2007. 

ADDRESSES: You may mail comments 

and related material to Commander 

Fifth Coast Guard District (dpi), 431 

Crawford Street, Portsmouth, Virginia 

23704–5004, hand-deliver them to 

Room 415 at the same address between 

9 a.m. and 2 p.m., Monday through 

Friday, except Federal holidays, fax 

them to (757)391–8149, or e-mail them 

to Dennis.M.Sens@uscg.mil. The 

Inspections and Investigations Branch, 

Fifth Coast Guard District, maintains the 

public docket for this rulemaking. 

Comments and material received from 

the public, as well as documents 

indicated in this preamble as being 

available in the docket, will become part 

of this docket and will be available for 

inspection or copying at the above 

address between 9 a.m. and 2 p.m., 

Monday through Friday, except Federal 

holidays. 

FOR FURTHER INFORMATION CONTACT: 

CWO Humphrey, Marine Event 

Coordinator, Coast Guard Sector North 

Carolina at (252)247–4525. 

SUPPLEMENTARY INFORMATION: 

Request for Comments 

We encourage you to participate in 

this rulemaking by submitting 

comments and related material. If you 

do so, please include your name and 

address, identify the docket number for 

this rulemaking [CGD05–07–027], 

indicate the specific section of this 

document to which each comment 

applies, and give the reason for each 

comment. Please submit all comments 

and related material in an unbound 

format, no larger than 81⁄2 by 11 inches, 

suitable for copying. If you would like 

to know they reached us, please enclose 

a stamped, self-addressed postcard or 

envelope. We will consider all 

comments and material received during 

the comment period. We may change 

this proposed rule in view of them. 

Public Meeting 

We do not now plan to hold a public 

meeting. But you may submit a request 

for a meeting by writing to the address 

under ADDRESSES explaining why one 

would be beneficial. If we determine 

that one would aid this rulemaking, we 

will hold one at a time and place 

announced by a later notice in the 

Federal Register. 


rmajette on PROD1PC67 with PROPOSALS